Supply of standard-design apartments in Riga up 15% in March - Latio

RIGA - The supply of Soviet-era standard-design apartments in Riga in March increased by 15 percent compared to the end of 2022, while the supply of rental apartments dropped by 6 percent, according to Latio real estate company's latest index.

In March, activity increased in the housing segment in Riga and Pieriga. Potential buyers have become more flexible in their requirements, while sellers do not wish to rock prices, therefore the time needed to sell a property has become longer.

The data show that in March, on average 83 days were needed to sell a property for a market price compared to 85 days in February, 80 - in January, 70 - in December, 61 - in November, 45 - on October, 36 in September. 

According to Latio, 5 percent of apartments were sold within a month since publication of the advertisement (4 percent in February, 4 percent - in January, 5 percent - in December, 5 percent - in November, 8 percent - on October, 12 percent in September).

At the same time, 31 percent of transactions in March were carried out without attracting bank loans.

In March, the new project prices in secondary market in the Riga center are around EUR 2,500 per square meter, while in Riga neighborhoods - EUR 1,930 per square meter.

The most popular neighborhoods by the number of transactions were Purvciems (13 percent), Kengarags (13 percent) and Imanta (10 percent).